Serco Investments Incorporated

Investment Advisors

"If a man will begin with certainties, he shall end in doubts; but if he will be content to begin with doubts he shall end in certainties."

Francis Bacon, The Advancement of Learning

Incomparable Services

The money management services of Serco Investments are unlike most other money management firms. Each account is
managed separately and individually. The firm is successful in blending the best of two worlds. We bring old fashioned, personalized
service to an industry where modern technology has created an impersonal environment. A client is more than an account number at
Serco Investments. Although we have clients throughout the United States and all over the world, we make every effort to visit
with them personally. We build close and enduring financial partnerships based on trust and integrity. No attention to detail is
overlooked in our efforts to serve our client's needs.

However, the complexity of the financial markets calls for us to have state of the art technology. We employ the most modern software
available to keep abreast of market activity. Such equipment helps us in attaining the kind of results demanded by us and our clients.
Importantly, our size enables us to be alert, flexible and adaptive to rapidly changing market environments.

Building a thorough understanding of our existing and prospective clients' financial goals is of utmost importance. In the initial
stages of developing a relationship with a client, significant efforts are made to discern needs and investment objectives. These
objectives determine the type of issues purchased, and the manner in which the account is traded. Although each of our accounts is managed
separately, investments are often purchased in large blocks to reduce transaction costs and then allocated to individual accounts.
We actively trade through numerous established brokerage firms.

Communication

Communication is an integral part of our operation. We encourage our clients to communicate with us. We have a toll-free 800 number
to facilitate this communication. Any questions or concerns are promptly attended to. We communicate with our clients so that they are
knowledgeable about the status of their account and the management we are providing. We owe this service to our clients who have put
their trust in us for achieving their investment goals.

Reports

An essential feature of our client services is keeping our clients well informed of the status of their accounts. For each transaction,
a trade confirmation is sent from the brokerage house where the account is domiciled. In addition, each client receives a monthly
statement on the status of their account from the brokerage firm. Each quarter, Serco Investments submits to each client
a portfolio performance review. This multi-paged report presents the previous three month's performance, as well as year-to-date
performance in a comprehensive manner. We also like to use the occasion of these reports as an opportunity to communicate with our
clients about general market trends and likely investment strategies.